VIEWS FOR 8TH SEPTEMBER 2009

MCX Gold Oct: Immediate support is at 15610/15570. A breach of the same could see a drift lower to supports at 15495 followed by 15360/15340. These levels could hold for a test of 16015 or even higher. Immediate resistance is at 15872 levels now. S1: 15688 S2: 15606 R1:15795 R2: 15872




MCX Silver December: Immediate support is at 25992. While above this level we can expect a move towards 27280.A breach of 25990 could see a test of firm supports at 25510 / 25270. S1: 26110 S2: 25720 R1: 26540 R2: 26972



MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318



MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 3197 or 3151. It has to rise above 3487 to suggest that price might find it difficult to decline as per this view. S1:3290 S2:3247 R1:3354 R2:3400



MCX Zinc sept: While below 94.50 / 95.00 we could see a drift lower towards supports at 91.40 or 90.50. Direct rise above 95.00 to see prices rising again. S1: 92.90 S2: 91.80 R1: 94.30 R2: 95.10



MCX Lead Sept: A fall below 112.70 could see a drift lower to next supports at 110 or even 108. Resistance is at 116 levels and a direct rise above the same could see prices edge higher without the initial dip. S1:113.20 S2: 112.15 R1:115.30 R2:116.50



MCX Nickel Sept: Prices have found support at 857/855 levels. A fall below 855 could see support at 830 levels now. As long as 855 holds we could expect a corrective rally towards 893/903 levels. S1:860 S2:844 R1:885 R2:906



MCX Natural Gas Sept: A break above 137 would be required to spark a corrective rally towards resistance at 155 levels. Supports are at 124/120 levels now. S1:127.60 S2:124 R1:137.00 R2:143.00



MCX Mentha Oil Sept : - Resistance is at 520/ 525 levels. A breach of 525 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 512.90 S2:- 508 R1:- 520 R2:- 525



TRADING STRATEGY ::



GOLD MCX OCTOBER ::



Traders holding long positions can hold long with a stop loss of 15630.

Fresh trading long positions can be undertaken on rise and close above 15806.



SILVER MCX DECEMBER ::



Hold long positions with a stop loss of 25656.

Book profit on rise towards 26506-26869 range as the opportunity arises.

Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.



INT. SPOT GOLD ::



Hold long positions with a stop loss 985$ and look for rise to 1005$ or above to take profit.

Traders can buy on rise above 998$ with low of the day stop loss at the point of breakout or 985$ whichever is lower.



INT. SPOT SILVER ::



Resistance will be at 16.40$.

Support will be at 16.10$-15.8$.

Traders can Hold long positions with a stop loss of 15.80$ or book profits.

Fresh trading long positions can be undertaken on rise above 16.50$.


[[[ LONG TERM OUTLOOK ON GOLD :: (VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN, MUNNABHAI ANALYST GROUP ]]]


ENJOY !!!!